by Calculated Risk on 10/16/2008 08:50:00 AM

From the WSJ: Citigroup Posts Fourth Straight Loss

Citigroup Inc. swung to a third-quarter loss -- its fourth straight quarter in the red -- as it wrote down another $4.4 billion in securities and banking and blamed weak revenues across all businesses on "the impact of a difficult economic environment and weak capital markets."

And on Merrill: Merrill's Net Loss Widens on $9.5 Billion in Write-Downs

Merrill Lynch & Co., which is set to be acquired by Bank of America Corp. in February, posted a wider third-quarter loss amid another $9.5 billion in write-downs of troubled assets.

The company, which already posted some $40 billion in subprime-related write-downs, said it has made "significant progress in balance sheet and risk reduction," having cut 98% of its exposures to U.S. Alt-A mortgages.

The confessional is still busy!